Ramaphosa says SA gets $20bn of investment pledges at conference

INVESTMENT commitments of nearly $20bn into the South African economy were made at an investment conference on Friday, President Cyril Ramaphosa said.

‘This is going to give our country the lift it requires,’ said Ramaphosa, who has staked his reputation on reviving the economy after a decade of stagnation.

‘We are working to ensure we remove whatever blockages stand in the way of these investments.’

South African President Cyril Ramaphosa used the investment summit to reassure investors that his government was committed to protecting property rights as it pursues plans to accelerate the pace of land redistribution.

‘We are committed as government to pursuing a comprehensive approach to land and agrarian reform which ensures transformation, development and stability,’ Ramaphosa said in his opening speech to the summit.

‘Our approach reaffirms the constitutional protection of property rights. I want to reaffirm that South Africa is very, very committed to property rights.’

In a related development, South Africa’s association of carmakers said on Friday that its members would invest more than $3bn in the country over the next five years.

The announcement by the association, whose members include Nissan, Volkswagen and Isuzu, was made at the conference.